“I co-authored a paper on tax policy lessons from the 2000s, and we looked at the long-run growth effects of deficit-financed tax cuts. In general, we found deficit-financed tax cuts were not a very good idea for growth. To be reliably pro-growth, the best thing you could do is make it revenue neutral.”

Tax expert Dan Shaviroargues the bill’s loopholes will do little to help the economy; instead, they will be windfalls for tax lawyers, such as the “pass-through” loophole, which would allow businesses that file taxes under the individual tax code to pay less than either corporate or individual taxpayers.

This wouldincentivize individuals and corporations to attempt to officially classify themselves as “pass-throughs.”

Interestingly, Republicans are currently revising pass-through language to personallybenefit President DonaldTrump and his family.

Something else to consider is that, under the bill, by 2025, the individual tax rate cuts expire, as does the expanded child deduction and doubling of the standard deduction.

“It’s politically brilliant, and that’s infuriated the left. How else are you going to fit a $3 trillion tax cut into a $1.5 trillion box?”

That’s one reason this bill threatens to worsen income inequality, not combat it.

According to theTax Policy Center, by 2027 more than 75 percent of the tax cuts would benefit the top five percent of the economic spectrum; more than 60 percent would go to the top one percent.

DerekThompson, blogger at TheAtlantic.com and staff editor for the Business Channel,states:

“Post-tax corporate profits as a share of GDP have hovered at a record-high level for the last seven years, and the top 1 percent’s share of total income is higher than any time in the second half of the 20th century.”

So what would Republicans be doing if they actually cared about economic growth, the debt, and income inequality while pandering to their corporate masters?

They couldalign America’s corporate tax code with the rest of the developed world by cutting the corporate rate to25 percent, what Mitt Romney proposed in 2012, rather than the proposed 20 percent.

Instead of all the “pass-through,” individual mandate repeal, expiring individual deductions nonsense, they couldexpand the child tax credit, make it more valuable to those who don’t pay income taxes, boost the earned income tax credit, and cut the bottom few tax rates.

“The GOP could pay for the proposal by cutting tax deductions used by the rich — some of the ideas in the legislation now, like capping the mortgage interest deduction, are worthwhile, and Republicans could add more of them if needed. A bill like this would bring more benefits, cause fewer problems, and might even get some Democratic votes”.

As former President Barack Obama’s chief economist, Jason Furman,said:

Ted Millar is parent, poet, and teacher. His poetry has been in featured in myriad literary journals, including Caesura, Circle Show, Cactus Heart, Third Wednesday, and The Voices Project. He is also an occasional contributor to Liberal Nation Rising.